REAL estate private equity firm Jameson TTB are teaming up with ANZ to deliver a $17 million disability housing project in Melbourne’s south-eastern suburbs, as the major bank sets a goal to fund $10 billion of affordable homes by the end of the decade.
The Jameson-funded NDIS project has been designed for medium-term accommodation (MTA), to provide temporary transitional housing for NDIS participants, and SDA: housing for those with very high support needs.
The project is being funded through the $100 million Jameson Special Situations Fund (JSSits), which invests in a diversified portfolio of hybrid-credit opportunities in sectors including social infrastructure.
“It is great to be working with ANZ again to deliver this much-needed housing for the community. Our shared values and goal of providing more disability accommodation comes at an opportune time,” said Nick Browne, director of Jameson TTB.
“The private sector is well-equipped to address the shortfall in the NDIS sector. Locally, our new project will support the existing medical infrastructure in the surrounding area.
While for ANZ, the project will aid its goal to fund and facilitate $10 billion into delivering more affordable, accessible, and sustainable homes to buy and rent by 2030.
“ANZ is committed to helping improve the availability of accessible housing options for Australians and we’re proud to support a project that will deliver much needed accommodation options for people living with a disability,” said Cindy Arthur, acting head of health at ANZ.
The four-level building comprises 13 MTA studio apartments and eight two-bedroom, two-bathroom SDA apartments and will also include support offices, communal dining and activity areas.
Each level will also include a dedicated onsite overnight accommodation studio apartment to better serve support staff and nurses.
“We are pleased to continue supporting the NDIS housing sector and work alongside experienced partners in the space to help meet the growing demand,” added Browne.
SDA housing has become a $2.5 billion asset class over the last five years, with the federal government committing to providing $700 million a year towards SDA housing payments.
“There is an undersupply of adequate specialist disability housing and the sector has largely been underfunded, with few financial institutions investing in this space,” said Browne.
The number of active NDIS participants requiring SDA housing has grown 15% annually over the past three years to the current 21,000.
A 2021 report showed demand for NDIS services would more than triple by this year with the current supply of SDA unable meet the projected future needs.
Construction on the project is set to commence this month, with completion expected for April 2024.
